RealtyTrac Reports Home Sellers getting more than market value in 27 percent of markets

OB Jacobi

IRVINE, CA – RealtyTrac reports that out of 315 counties nationwide with a population of at least 100,000 and at least 100 sales in April, there were 85 (27 percent) where homes on average sold for at least 101 percent of their estimated full market value — led by Alameda and San Francisco counties in the Bay Area of California (both with average sale prices at 108 percent of estimated full market values), the District of Columbia in the Washington, DC metro area (107 percent), Forsyth County, North Carolina in the Winston-Salem metro area (107 percent) and Yolo County, California in the Sacramento metro area (107 percent).

 “Nationwide in April single family homes and condos sold for almost exactly 100 percent of their estimated full market value on average — indicating a good balance between supply from sellers and demand from buyers,” said Daren Blomquist, vice president at RealtyTrac. “At the local level, however, most markets tipped in favor of either sellers or buyers — although there were some Goldilocks markets exhibiting a ‘just right’ balance between buyers and sellers.”

Mike Pappas

“The Seattle housing market is completely controlled by sellers right now,” said OB Jacobi, president of Windermere Real Estate, covering the Seattle market, where average sale prices were above average estimated market values of homes that sold in April in all three counties comprising the metro area.

 “We are in a strong balanced market tipping toward a seller's market,” said Mike Pappas, CEO and president of the Keyes Company, covering the South Florida market, where average sales prices were between 97 and 99 percent of average market values of homes that sold in April in the three counties comprising the metro area. “Even our waning distressed inventory prices are popping and selling above the appraisal price.”

“Through April, much of the Ohio markets have experienced lower than normal available market inventories, creating a pool of pent-up demand amongst buyers wishing to take advantage of lower interest rates, and lower historical prices,” said Michael Mahon, president at HER Realtors, covering the Cincinnati, Dayton and Columbus markets in Ohio. Franklin County in the Columbus metro area was the only county in the state with average sale prices higher than average market values for homes sold in April.

For a complete copy of the company’s news release, please contact:

jennifer.vonpohlmann@realtytrac.com